Correlation Between Jindal Poly and POWERGRID Infrastructure
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By analyzing existing cross correlation between Jindal Poly Investment and POWERGRID Infrastructure Investment, you can compare the effects of market volatilities on Jindal Poly and POWERGRID Infrastructure and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Jindal Poly with a short position of POWERGRID Infrastructure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jindal Poly and POWERGRID Infrastructure.
Diversification Opportunities for Jindal Poly and POWERGRID Infrastructure
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jindal and POWERGRID is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Jindal Poly Investment and POWERGRID Infrastructure Inves in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on POWERGRID Infrastructure and Jindal Poly is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Jindal Poly Investment are associated (or correlated) with POWERGRID Infrastructure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of POWERGRID Infrastructure has no effect on the direction of Jindal Poly i.e., Jindal Poly and POWERGRID Infrastructure go up and down completely randomly.
Pair Corralation between Jindal Poly and POWERGRID Infrastructure
Assuming the 90 days trading horizon Jindal Poly Investment is expected to under-perform the POWERGRID Infrastructure. In addition to that, Jindal Poly is 4.42 times more volatile than POWERGRID Infrastructure Investment. It trades about -0.18 of its total potential returns per unit of risk. POWERGRID Infrastructure Investment is currently generating about -0.55 per unit of volatility. If you would invest 8,170 in POWERGRID Infrastructure Investment on December 13, 2024 and sell it today you would lose (585.00) from holding POWERGRID Infrastructure Investment or give up 7.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Jindal Poly Investment vs. POWERGRID Infrastructure Inves
Performance |
| Timeline |
| Jindal Poly Investment |
| POWERGRID Infrastructure |
Jindal Poly and POWERGRID Infrastructure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jindal Poly and POWERGRID Infrastructure
The main advantage of trading using opposite Jindal Poly and POWERGRID Infrastructure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jindal Poly position performs unexpectedly, POWERGRID Infrastructure can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in POWERGRID Infrastructure will offset losses from the drop in POWERGRID Infrastructure's long position.| Jindal Poly vs. Sakar Healthcare Limited | ||
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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